Monday was a strange day for Real Estate in Vancouver. It’s normal this time of year for listing to outnumber buyers as people who haven’t managed to sell relist their property, but the ratios paulb just posted are mindboggling:
New Listings 376
Price Changes 56
Sold Listings 43
And as he also points out, the Westside is nuts:
New Listings 96
Price Changes 10
Sold Listings 5
Yes, that’s right. 96 new listings on the west side of Vancouver on one day and only 5 sales. Any idea whats going on here? Were there so many listings that all the sales didn’t get entered, or did we really just have crazy sales/ list ratio day?
And if your in the mood to contemplate dramatic numbers check these out, courtesy of McLovin:
Buddy got his assessment in Kelowna. He owns a 2 br condo with great view of the lake in the Skye building. Paid $660,000 presale in 2007 incl GST. Took possession in 2009.
2011 Assessment $631,000
2012 Assessment $541,000
Drop of 18% in 1 yr and over 20% from his presale purchase price in 2007.
Truthfully, if he had to sell the place he would be lucky to get $500,000. So he is down about 25% and there is no bottom in sight.
As Makaya points out:
to put things in perspective, assuming your buddy took possession exactly three years ago and sold it today for $500K, he has “lost” $4,444 on his house every month. I hope he’s making a good salary to compensate.